Government ministers have issued an update on the new rules which are being brought in after more than 1,000 branches shut
New regulations are set to be implemented that will impact all UK bank users and aim to safeguard access to cash. The Financial Conduct Authority is introducing its new Access to Cash policy. This mandates banks to maintain sufficient provision of cash access for Britons, especially when they are axing their branches.
Bank executives will be required to establish adequate services before shutting down an existing cash facility, and this must occur "without unreasonable delay where assessments find there will be a significant gap in local provision".FCA data found in the two years to June 2023, a total of 1,358 banks and building society branches closed for good. Another 69 branches are closing in September, including branches of Halifax, Royal Bank of Scotland , Lloyds, NatWest and Barclays.
The forthcoming FCA policy was brought up in Parliament this week, following a question from Conservative MP Sir John Hayes about the maintenance of cashpoints in rural areas. In response, Treasury minister Tulip Siddiq stated: "The Government is committed to protecting access to cash for individuals and businesses across the UK, including in rural areas.
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